Colombia continues talking about the possibility of developing unconventional projects via the hydraulic fracturing technique (fracking). The Colombian petroleum workers (USO) spoke about this alternative and its potential in some municipalities of the country.
Last week, the Constitutional Court revoked the popular consultation (referendum) that took place in the municipality of Cumaral (Meta), in June 2016. Experts debated the matter.
The increase in oil prices has generated high expectations in Colombia due to its economic benefits for the country’s public finances. The government is working on alternatives to take advantage of this situation.
Communities have said ‘No’ to the industry in different occasions, but once local authorities heard of a possible increase in royalties’ resources, popular consultations started to seem ‘inconvenient,’ all of a sudden.
The oil sector has proposed the development of unconventional reservoirs to improve the prospects for energy self-sufficiency in the long term in Colombia. Fedesarrollo conducted a study on the possible economic benefits of this alternative for the country.
In a voting session of five against one, the Constitutional Court revoked the popular consultation that took place in the municipality of Cumaral (Meta), in June 2016.
The State Council determined that municipalities are not only capable, but obliged to develop popular consultations.
The process of post-conflict and land restitution is advancing, but this has generated some controversy over land ownership and control where oil projects are developed. Amerisur Resources (LON: AMER) talked about a controversy generated with communities in the department of Putumayo.
Francisco José Lloreda, President of the Colombian Oil Association (ACP) spoke about key issues for the sector such as exploration and oil prices.
Authorities spoke of new projects aimed at improving the quality of life of inhabitants of Meta, Norte de Santander, Santander and Huila, among others. These and other stories in our periodic Royalties summary.
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